A GE pension fund was the seller.
The 102,000-sf building will be ready for occupancy in the first quarter of next year, according to a Liberty Property Trust statement. However, at press time, no tenants had been signed yet.
Publicly traded Liberty Property Trust also recently purchased four other properties in multiple states and committed to developing five properties totaling 607,000 sf. The five properties acquired total 887,000 sf. All 10 properties represent about $100 million in investments.
Liberty could not be reached for more details on the local acquisition.
"Although the general condition of the real estate markets remains weak, Liberty's multi-market platform and … local management teams in these markets provide us with diverse opportunities for smart growth," says Liberty CEO Bill Hankowsky in statement.
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